Crude Quickly Retraces Sharp Down Open

DailyFX

Weekly Candles

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eliottWaves_oil_body_crude.png, Crude Quickly Retraces Sharp Down Open

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude is well supported on dips and near term focus remains higher towards the 2/25 high at 94.43 and former support at 94.94. Bigger picture, last week’s reversal, recent trendline resistance break and trendline support hold paint a bullish picture.

Commodity Trading Strategy: The bigger picture trend is in question and the near term trend is higher but is closing in on the 50% retracement of the decline from 98.21. Too many things can happen at the current level to safely take a position.

LEVELS: 89.33 90.25 91.70 94.43 95.89 96.19

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